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“Irish companies are set to discard the UK accounting rules they have been moored to for decades and adopt an international accounting code - the so called IFRS - for small and medium sized businesses,” says BusinessWorld. Are you one of them? Quoted companies already use IFRS, but so called “Non public Interest” or unquoted companies will have to adapt IFRS for SME in 2012/2013. Reported profits will be different under the new rules, for some businesses it will be higher and some lower; it depends on what business the company is undertaking, explained Aidan Clifford, ACCA's (Association of Chartered Certified Accountants) Advisory Services manager. For example, a company with a lot of intellectual property will have a different affect on their profi
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